Tax Time Shareable Content Working Group key messages 3 September 2020

The Tax Time Shareable Content Working Group met on 3 September 2020 to review and provide feedback on two new posters and provide feedback on an example that assists with one of the posters.

The products reviewed were:

CGT on an inherited property poster

The group was asked to provide feedback on the whole poster, but specifically the two flow charts towards the end. Examples have been included in this poster to try and work through the legislation. Members provided feedback and agreed that:

• This is a complicated topic, there should be a warning to seek professional help
• The topic of dual tenants needs to be discussed
• Until the examples section, there was no mention of the 'two year' rule
• There were some sections that required rewording (advice given)

Relationship breakdown and property transfer poster

The group was asked to provide feedback on the whole poster. Members agreed that sections of this poster may need rewording. Feedback from the group suggested that:

• This is another complicated topic, and examples may lead to incorrect outcomes
• The term 'spouse' is frequently used however the terms marriage or partner should be used instead
• Advising people to work out the market value on their own was risky, and if this is kept within the poster the ATO should provide advice on sorts of documents a person might need to support their view
• Collectables or personal use assets should be included within the poster

CGT property relationship breakdown example

Members were asked to consider whether this extended example would be handy in addition to the poster. Further feedback will be considered once the poster is refined.

Final summary

The products reviewed this month will need to be revisited once changes are made. This group will meet again on October 1 2020. Papers for review will be sent a week prior to the meeting date.